Hearts boss Jim Jefferies is closing in on his first signing of the summer.

JJ has been working hard to bolster his squad after getting the go-ahead from Vladimir Romanov to strengthen the forward and midfield areas of the team.

Director Sergejus Fedotovas told today's 104th annual general meeting in the Gorgie Suite that progress is being made in the recruitment process and he revealed that the club hopes to announce the arrival of a new player next week.

"I am glad we have a good working relationship with the manager," said Sergei.

"We are on track to bring in new signings and I hope that early next week we will be able to announce our first signing. And I look forward to adding one or two more after that."

Asked about the club's signing policy in light of the the number of players who have previously arrived at Tynecastle for large fees only to leave for nothing at the end of their contracts, Sergei told the 150 or so shareholders in attendance that they would be adopting a more prudent approach.

"We have to take care the way we approach signings," he said. "We will still be spending on the squad but the emphasis will be on the academy as you know what to expect from players who have been here for five and six years and have kept progressing.

"This is better than guessing what players will give you, even though this is done with the benefit of research.

"We have had to lose certain players, and certain managers in the past believed they would bring a positive result but that didn't materialise.

"Working with the youngsters will be different but Jim Jefferies is known for his expertise in this area."